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Maguire Selling OC Office Asset for $211M

IRVINE, CA-The disposition is also in keeping with plans laid out in June, a month after Nelson Rising took the helm of Maguire.

By Don Jergler | Updated on July 08, 2008

IRVINE, CA-Maguire Properties Inc. on Tuesday announced that it has entered into an agreement to sell Main Plaza for $211 million to Shorenstein Properties LLC as part of Maguire’s previously announced plans to dispose of several Orange County assets to reduce debt.

The disposition, which includes nearly $10 million of cash reserves and assumption of approximately $161 million of project level financing, amounts to roughly $325 per sf, which Mark Lammas, Maguire’s executive vice president, calls market-rate.”It’s definitely in keeping with the market,” Lammas says. “That’s definitely a solid price for that property.”

Main Plaza is located in the heart of the John Wayne Airport area submarket of Irvine and features two 12-story Class A office buildings and two free-standing buildings totaling roughly 607,000 sf.

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